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Block, Inc.

XYZ Technology Software Infrastructure

Block, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $24.2 billion, roughly unchanged from fiscal 2024.

Revenue
+9.88%
EPS
+23.2%
Free cash flow
−30.6%
Total debt
−21.4%

Quarter to September 2026, against a year earlier

84.41 3.22 −3.67%
Market cap
$50.8B
P/E
112×
Fwd P/E
44.1×
Dividend yield
—
F-score
5/9
Altman Z
2.64
Beneish M
−2.66
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Cash App
  • Square
  • Other, not broken out

Every year since 2014 →

Insider Decisions last twelve months

Sold, $m 88.32
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 5 1 1 4 3 10 8 12 6 7 —
Insider Ownership 11.68%

Capital & Financial Ratios $m

Size
Market Cap 50,800.00
Revenue ttm 25,646.37
Net income ttm 458.17
Free cash flow ttm 3,453.39
Net debt Q (2,136.29)
Valuation
P/E 111.61 (above 35: high)
Forward P/E 44.10 (above 35: high)
Price / sales 1.98
Forward P/S Powerpack
Price / FCF 14.73
Price / book 2.22
Financial health
Current ratio Q 2.23 (at or above 1.5: strong)
Debt / equity Q 0.25 (at or below 0.5: strong)
Interest coverage Q 8.90
Growth
Revenue growth Q +9.88% (above 0%: growing)
Operating income growth Q +4.65% (above 0%: growing)
EPS, this year +74.41% (at or above 15%: strong)
EPS, next year A +29.94% (at or above 15%: strong)
Revenue, next year A +7.97%
EPS, past 5 yrs +36.70% (at or above 15%: strong)
EPS, next 5 yrs A +41.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 2.9×; over the ten years it ranged from 1.1× in 2023 to 14.7× in 2018.
P/E against its own 10 years 51.19%
10-year low 10-year high
P/S against its own 10 years 26.95%
10-year low 10-year high
P/B against its own 10 years 26.84%
10-year low 10-year high
EV/Sales against its own 10 years 29.89%
10-year low 10-year high
EV/FCF against its own 10 years 7.05%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,848 8,479 7,082 7,859
Receivables 5,671 3,566 4,030 3,806
Inventory — — — —
Other 6,299 7,836 11,745 13,319
17,819 19,880 22,857 24,985
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — 999 1,573 —
Other 753 185 467 447
8,883 8,547 10,384 11,209

Compound Annual Growth %

10y 5y 3y
Sales 34.30% 20.56% 11.33%
Cash Flow 61.69% 71.65% 144.77%
Earnings 0.00% 43.70% 0.00%
Book Value 45.88% 52.57% 8.72%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.02 Actual 1.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.65 0.65 Met by 0.00
Q1 FY26 0.68 0.85 Beat by 0.17
Q2 FY26 0.86 1.02 Beat by 0.16
Q3 FY26 1.02 1.13 Beat by 0.11
Q4 FY26 1.16 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.52) 0.15 0.92 — —
’25 0.30 0.87 0.74 0.19 2.10
’24 0.74 0.31 0.45 3.05 4.56
’23 0.15 (0.20) (0.15) 0.14 0.02
’22 (0.38) (0.36) (0.02) (0.19) (0.90)
’21 0.08 0.40 0.00 (0.17) 0.33
’20 (0.24) (0.03) 0.07 0.59 0.44
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,057 6,618 6,719 — —
’25 5,772 6,054 6,115 6,252 24,194
’24 5,957 6,156 5,976 6,033 24,121
’23 4,990 5,535 5,617 5,773 21,916
’22 3,961 4,404 4,516 4,651 17,532
’21 5,057 4,681 3,845 4,079 17,661
’20 1,381 1,924 3,034 3,159 9,498
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 966 1,020 1,016 — —
’25 133 374 1,451 621 2,580
’24 489 519 685 14 1,707
’23 294 113 491 (798) 101
’22 229 (115) 16 45 176
’21 (29) 275 407 194 848
’20 121 (273) 413 (88) 173
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 935 967 972 — —
’25 101 343 1,400 580 2,425
’24 457 481 628 (13) 1,553
’23 262 84 453 (850) (50)
’22 188 (159) (21) (4) 5
’21 (63) 243 376 158 714
’20 95 (304) 383 (140) 35
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.7% a year for ten years.

Implied
6.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,709 2,214 3,298 4,714 9,498 17,661 17,532 21,916 24,121 24,194 25,646 +34.2% 26,123 29,087 32,372 +10.2%
Gross margin, % 33.71 37.90 39.53 40.09 28.78 25.03 34.18 34.24 36.85 42.82 47.50 +9.1 pt
EBT (170) (63) (36) 378 216 157 (565) (29) 1,357 1,690 723 n/m
EBT margin, % (9.93) (2.83) (1.10) 8.02 2.27 0.89 (3.22) (0.13) 5.63 6.98 2.82 +16.9 pt
Net income (172) (63) (38) 375 213 159 (553) (21) 2,866 1,304 458 n/m
Per share, $
Per share, $ Revenue 5.00 5.84 8.13 11.09 21.43 38.53 30.28 35.99 39.09 39.52 42.57 +25.8%
Earnings (0.50) (0.17) (0.09) 0.88 0.48 0.36 (0.96) 0.02 4.70 2.13 0.76 n/m
Cash flow 0.07 0.34 0.73 0.77 0.39 1.85 0.30 0.17 2.77 4.21 6.01 +58.2%
Capex (0.07) (0.07) (0.15) 0.58 (0.31) (0.29) (0.29) (0.25) (0.25) (0.25) (0.28) +14.5%
Free cash flow (0.01) 0.27 0.57 1.35 0.08 1.56 0.01 (0.08) 2.52 3.96 5.73 n/m
Book value 1.69 2.07 2.76 4.04 6.05 7.23 29.80 30.70 34.42 36.21 37.96 +40.6%
Shares, m 342 379 406 425 443 458 579 609 617 612 603 +6.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 71.57 473.13 436.51 0.00 0.00 18.20 30.42 111.61 103.0
P/S 2.76 6.20 6.90 5.64 10.15 4.19 2.13 2.01 2.17 1.65 1.98 4.4
P/B 8.19 17.45 20.31 15.50 35.96 22.34 2.17 2.35 2.47 1.80 2.22 12.9
EV/Sales 2.47 5.95 6.87 5.52 10.03 4.15 2.07 1.93 2.08 1.68 1.96 4.3
EV/FCF (1,750.96) 129.75 97.54 45.42 2,874.92 102.94 10,378.82 (816.94) 32.26 16.75 14.57 1,111.0
Cash, $m
Cash, $m Operating cash flow 23 128 295 328 173 848 176 101 1,707 2,580 3,623 +68.8%
Capex (26) (26) (63) 247 (138) (134) (171) (151) (154) (155) (169) +22.2%
Free cash flow (2) 102 232 574 35 714 5 (50) 1,553 2,425 3,453 n/m
Balance, $m
Balance, $m Working capital 424 805 1,093 1,526 3,636 5,086 7,189 8,936 11,333 12,472 13,776 +45.6%
Net debt (534) (536) (224) (571) (1,213) (753) (1,056) (1,728) (2,373) 207 (2,136) n/m
Shareholders’ equity 576 786 1,121 1,715 2,682 3,314 17,251 18,693 21,235 22,170 22,870 +50.0%
Returns, %
Returns, % ROA (16.29) (3.70) (1.41) 9.59 2.96 1.34 (2.33) 0.03 8.30 3.42 1.15 +19.7 pt
ROIC (253.10) (13.55) (2.55) 1.45 (0.80) 3.93 (2.41) (1.03) 2.96 4.77 3.58 +257.9 pt
ROE (31.65) (9.22) (4.03) 26.48 9.69 5.55 (5.26) 0.05 14.51 6.02 2.03 +37.7 pt
People
People Employees 1,853 2,338 3,349 3,835 5,477 8,521 12,428 12,985 11,372 10,205 — +20.9%
Revenue/emp, $m 0.92 0.95 0.98 1.23 1.73 2.07 1.41 1.69 2.12 2.37 — +11.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Block builds financial and commerce tools for businesses and individuals. Its two reportable segments are Square, which serves businesses, and Cash App, which serves consumers. Founded in 2009, Block is led by chief executive Jack Dorsey. It has no designated headquarters and identifies Oakland, California, as its principal executive office.

Square helps sellers accept payments and run their businesses. Its products include payment processing, point-of-sale software and hardware, tools for managing orders and inventory, and services such as loans and business accounts. A seller can use several of these products together or connect Square to third-party applications.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Cash App 15,425 63.76%
Square 8,452 34.93%
Other, not broken out 317 1.31%
Gross margin 42.82%
Operating margin 7.06%
Pre-tax margin 6.98%

Revenue by segment since 2014

Block, Inc. vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
XYZ Block, Inc. $50.8B 112× 44.1× +9.88% (above 0%: growing) +23.20% (above 0%: growing) −30.59% (below 0%: shrinking) 48.15% 6.38%
NTAP NetApp, Inc. $33.3B 23.8× 25.7× +29.89% (above 0%: growing) +64.66% (above 0%: growing) −35.32% (below 0%: shrinking) 70.07% 23.90% Compare
ZS Zscaler, Inc. $33.2B — (loss-making) 8,874× +24.88% (above 0%: growing) n/m −64.66% (below 0%: shrinking) 76.73% (1.72%) Compare
NBIS Nebius Group N.V. $32.7B 466× 34.8× +454.04% (above 0%: growing) n/m −399.28% (below 0%: shrinking) 77.06% (30.21%) Compare
TWLO Twilio Inc. $31.1B 24.3× 22.8× +19.93% (above 0%: growing) +333.33% (above 0%: growing) +54.25% (above 0%: growing) 48.77% 9.53% Compare
OKTA Okta, Inc. $29.9B 102× 105× +10.58% (above 0%: growing) +76.32% (above 0%: growing) +38.89% (above 0%: growing) 79.63% 13.29% Compare
CPAY Corpay, Inc. $29.4B 24.5× 20.1× +17.86% (above 0%: growing) +45.06% (above 0%: growing) −71.00% (below 0%: shrinking) 100.00% 44.96% Compare
VRSN VeriSign, Inc. $28.0B 33.5× 32.3× +5.70% (above 0%: growing) +3.51% (above 0%: growing) −13.96% (below 0%: shrinking) 88.76% 66.93% Compare
CRWV CoreWeave Inc. $24.1B — (loss-making) — (loss-making) +112.46% (above 0%: growing) n/m −112.39% (below 0%: shrinking) 65.86% (1.90%) Compare
Median of peers $30.5B 29.0× 32.3× +22.41% +64.66% −49.99% 76.90% 11.41%

All 183 Software Infrastructure stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Scotiabank Nov 5, 2026 Target raised Hold 82.00 → 89.00
Barclays Nov 5, 2026 Target raised Outperform 100.00 → 105.00
Raymond James Nov 4, 2026 Target raised — 100.00
Morgan Stanley Nov 3, 2026 Downgrade Outperform → Hold 90.00 → 80.00
Clear Street Oct 28, 2026 Target cut — 87.00 → 82.00
Truist Oct 26, 2026 Target cut Buy 93.00 → 89.00
BMO Capital Oct 26, 2026 Upgrade Outperform —
Baird Oct 11, 2026 Target raised Outperform 105.00 → 106.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.17%
Held by the ten largest 40.78%
Holder Shares Stake Change
Vanguard 65.33m 10.87% −1.42m
BlackRock 41.57m 6.92% −665.84k
T. Rowe Price 39.73m 6.61% −5.47m
State Street 23.06m 3.84% −84.87k
Capital Group 21.40m 3.56% +801.09k
Morgan Stanley 15.13m 2.52% −746.67k
Geode Capital Management 14.24m 2.37% −477.75k
Ameriprise (Columbia Threadneedle) 8.46m 1.41% +1.60m
Contour Asset Management LLC 8.25m 1.37% +3.71m
Norges Bank 7.80m 1.30% +7.80m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.00 2.00 29.91
2024 2.00 2.00 39.05
2023 2.00 2.00 35.54
2022 2.00 2.00 28.87
2021 2.00 2.00 74.21

Ownership

Directors and executive officers, together 53.30% of the votes
Jack Dorsey 42.20% of the votes
James McKelvey 10.50% of the votes
The Vanguard Group 6.00% of the votes
T.Rowe Price Associates 4.20% of the votes
BlackRock, Inc. 3.40% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Block, Inc. (XYZ) Latest News

5 Nov

Impact 3 · · cryptoprowl.com
Impact 3 · · Stocktwits

4 Nov

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Impact 3 · · TIKR
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Impact 3 · · unchainedcrypto.com
Impact 3 · · TheStreet
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Impact 3 · · paymentsdive.com
Impact 3 · · Zacks
Impact 3 · · TIKR
Impact 3 · · Zacks
Impact 3 · · InvestorsHub
Impact 3 · · 24/7 Wall St.
Impact 3 ·

3 Nov

Impact 3 · · The Motley Fool
Impact 3 · · Investing.com
Impact 3 · · TIKR

29 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 4 · · Zacks
Impact 3 · · TIKR
Impact 3 · · Zacks

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

XYZ metrics, ten years each

stockrow.com/XYZ · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com